Dogecoin Phenomenon: Meme Coin Went Viral as World’s Richest Man Became Its ‘Ambassador’
There are thousands of digital coins or tokens that we can purchase via cryptocurrency exchanges. It’s easy to forget their names, due to the sheer number of these tokens, but it’s impossible to forget the name of Dogecoin. This dog-inspired coin has became a trending topic, not only for crypto enthusiasts, but also people around the world.
Introduced on December 2013, Dogecoin initially was made as a joke. The founders, IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer, wanted to create a peer-to-peer digital currency which is fun, instant, and free from banking fees. They also wanted it to reach a broader demographic, unlike Bitcoin which has a limited number of available coins.
Dogecoin instantly became a meme coin, as it features the face of the Shiba Inu dog as its logo and namesake. Billy Markus recently revealed that it was only took 3 hours to make Dogecoin. Even the creator of the coin was surprised by Dogecoin’s current price and popularity.
Elon Musk’s Role on Dogecoin Recent Fame
Dogecoin is already quite popular back then in 2017 to early 2018, as it has total market capitalisation near $2 billion USD. The meme coin also spiked during a TikTok trend in July 2020, aiming Dogecoin to reach $1.
At the end of 2020 and again in 2021, the crypto world was shocked when Elon Musk, one of the richest people in the world, tweeted about Doge. He gave his support to Doge, and revealed he keeps revealing that he already bought Dogecoin for his children and is ready to put his money on Dogecoin. In February 2021, Dogecoin hit its all-time high price, thanks to Elon Musk’s encouragement.
Although Dogecoin seems to be backed by influential people like Elon Musk, as well as some celebrities like Snoop Dogg and Gene Simmons, most crypto traders understand that higher Dogecoin prices would be an incredibly hard to achieve. Dogecoin once had a supply limit of 100 billion coins, far more coins than other top digital currencies supply. Yet in 2014, Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation-rate over time. Dogecoin for everyone!